Posted by Nate on June 19, 2000 at 14:23:36:
I’m assuming the property value is less than 200K. In that case, probably all you could do would be to wait for the federal tax liens to be foreclosed on and then buy it at the foreclosure sale or from the IRS. Otherwise the liens have to be paid off somehow, and if the value of the property is less than the amount of the liens, it doesn’t make economic sense to do that.
S.O.S. …Property over-encumbered with federal tax leins… HELP! - Posted by Erich
Posted by Erich on June 19, 2000 at 14:15:49:
Recently I discovered a house in my target area that is in default/forclosure. Smelling a motivated seller, I drove by the house to take a look and was surprised to see my favorite senario. Worst house on block, garbage and old cars in drive way etc. The house is solid structurally, just needing a bit of cosmetic prehabbing.
After a quick title search at the county recorders office I was dismayed to find a huge list of liens on the property. Including 200K in federal tax liens.
Is there any way to purchase this property without the leins? Any advise would be greatly appreciated. THANKS!
IRS is difficult to deal with… - Posted by David Krulac
Posted by David Krulac on June 20, 2000 at 07:18:06:
particularily if they see that you’re going to make some money. When the leins exceed the value of the property they may deal but there not going to remove their lein just so you can make money. They want all the equity to go to them!
David Krulac